A.M.P. Fire Earns £39,409
AM.P. lire and General Insurance Company, wholly owned subsidiary of the A.M.P. Society, earned net profit of £A39,409, after tax, in its first full trading year ended June 30. The result compares with profit of £2,522 for the company’s previous initial 10 months. The latest profit derived £28,066 from insurance underwriting and £11,343 from investments. Net premiums were £497,151, while underwriting losses totalled £174,358. Dividend of 10 per cent, to the A.M.P. Society will absorb £lO,OOO. Directors regarded the profit as “very satisfactory” for the first complete year of operations, Mr M. C. Buttfield, general manager of the A.M.P. Society, told the annual meeting. Mr Buttfield, who will retire as AJVLP. general manager on December 31, did not -seek re-election as a director of AJM.P. Fire. The society’s assistant general manager, Mr H. B. G. Walker, who will succeed Mr Buttfield, was elected in his place.
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Press, Volume XCIX, Issue 29326, 4 October 1960, Page 19
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150A.M.P. Fire Earns £39,409 Press, Volume XCIX, Issue 29326, 4 October 1960, Page 19
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